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  • AS IT HAPPENED: Future Minerals Forum, Day 2


AS IT HAPPENED: Future Minerals Forum, Day 2

The event is aimed at highlighting the role of mining in Saudi Vision 2030.
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Updated 12 January 2022
Arab News
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AS IT HAPPENED: Future Minerals Forum, Day 2

  • Event consists of panel discussions, workshops, and networking opportunities for key industry players, policy makers, and investors
Updated 12 January 2022
Arab News

RIYADH: The second day of the Future Minerals Forum in Riyadh kicked off on Wednesday, with major speakers set to take the stage for high-level talks on the future of the mining industry.

Held at the King Abdulaziz International Conference Center, the three-day event opened on Tuesday with two closed-door ministerial meetings that emphasized on sustainability issues surrounding the sector.

READ: Indian miner Vedanta Resources to explore Saudi Arabia’s Zinc wealth 

Representatives from 31 countries met on Tuesday for the talks, where they agreed deeper collaboration on mining across the region was needed to unlock the sector’s full potential.

The meetings discussed the role that metals and minerals could play in the global energy transition, as well as the role each country in the region can play in developing sustainable and responsible mineral value chains.

The event, hosted by the Saudi Ministry of Industry and Mineral Resources, is aimed at highlighting the role of mining in Saudi Vision 2030, after the government identified it as the third pillar of the Kingdom’s economy.

It consists of panel discussions, workshops, and networking opportunities for key industry players, policy makers, and investors.

Follow our coverage (all timings in GMT):

10:55 – ACWA Power signs renewable energy-related MoU with Ma’aden during the Future Minerals Forum in Riyadh.

10:45 – Former US representative Eric Cantor talks about the role of critical minerals in the global energy transition. “We are starting to see the importance of critical minerals in the industry as some projects are now underway, but we still have a lot to do,” he said.

Cantor said the security of Saudi Arabia is “inextricably linked” to the security of the US and vice versa.

09:15 – The Saudi Ministry of Energy has signed an agreement with its Tunisian counterpart in the field of renewable energy, energy efficiency, and the rationalization of consumption.

“I have the honor to sign the first renewable energy agreement with Saudi Arabia, and we will work to implement the terms of the agreement based on equality and abundance of opportunities,” Tunisian energy minister Neila Nouira Gonji said.

She added they have a “strategic partnership” with Saudi investors and financiers in the field of hydrogen and electric mobility.

08:50 – Keynote discussion tackles how to position the mining industry as a leader on sustainability and partnerships, where Saudi Vice-Minister for Mining Affairs Khalid Al-Mudaifer is participating.

Ma’aden CEO Abdulaziz Al-Harbi talked about the importance of sustainability in the Saudi mining company’s operations. “Ma’aden has focused a lot on the environmental impact of our processes,” he said.

08:20 – Saudi energy minister Prince Abdulaziz bin Salam Al-Saud takes the stage for a fireside chat session. He reiterated the importance of energy security in the global transition to low-carbon economies.

“We must not give up energy security for the sake of energy transformation,” he said.

The minister said the world should be mindful of developing nations, who did not have their own share of growth and development over the years, “they need to be given opportunities.”

Saudi Arabia has a large amount of uranium, Prince Abdulaziz said, and they will work to exploit and develop the resource.

READ MORE: ‘Our uranium is key to achieving energy transformation’: Saudi minister

 

 

07:48 – Egypt’s Minister of Petroleum and Mineral Resources Tareq El-Molla said the country’s legislation has not been attracting mining investments, and as part of its Vision 2030, has started working to make flexible policies around mining.

“Our strategy aims to develop mining cities and one of them will be dedicated to gold,” the Egyptian minister said.

He added they aim to increase the mining sector’s contribution to GDP to 5 percent over the next two decades.

07:35 – Session opens on what governments are doing to maximize mining’s contribution to local economies and communities.

07:27 – Public Investment Fund Governor Yasir Al-Rumayyan addresses the forum. He said the mining industry “is becoming an important contributor to the world's economic, social and environmental goals.”

 

 

07:22 – Mark Bristow, president and CEO of Barrick, emphasizes the importance of mining in “everyday life.”




Mark Bristow, president and CEO of Barrick

But the world has lagged in terms of investing in the minerals business, “because of the obsession on the environment and anti-mining, we’ve become almost embarrassed to be miners,” he said.

READ MORE: Red Sea mining is needed to quench world’s thirst for metals: Mining company chief 

07:00 – Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef opens the second day of the Future Minerals Forum in Riyadh.

He talked about the challenges of meeting the growing global demand for minerals, which the Saudi minister said is being led by a more sophisticated industry, but more importantly by the global energy transition.

Alkhorayef highlighted the role of mining in the Saudi Vision 2030, which sets out an ambitious set of objectives aimed at diversifying the economy away from oil.

“The value of the mineral wealth in Saudi Arabia is estimated about $1.3 trillion,” he said.

 

 

Topics: FMS2022 Mining Saudi Arabia business

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Two high-level ministerial meetings kick off Future Minerals Forum in Riyadh

Oman’s wealth fund to launch IPOs across key sectors over next 5 years

Updated 4 sec ago
Nirmal Narayanan
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Oman’s wealth fund to launch IPOs across key sectors over next 5 years

  • OIA will focus on energy, services, and logistics assets to boost revenues
  • Steering committees will be set up in various companies to oversee the divestment process
Updated 4 sec ago
Nirmal Narayanan

RIYADH: Oman’s sovereign wealth fund plans to launch initial public offerings in key sectors from 2024 to 2028 as part of its divestment strategy to raise additional market funds. 

The Oman Investment Authority will focus on energy, services, and logistics assets, aiming to boost revenues over the next five years, it said in a post on X, formerly known as Twitter.

OIA generated 1 billion Omani rials ($2.59 billion) from divestments in subsidiaries and affiliated companies during 2022 and 2023. 

The wealth fund plays a crucial and strategic role in implementing the economic diversification goals outlined in the sultanate’s Vision 2040 program.

In its annual report released in August, the government-controlled fund revealed that its assets under management rose to 19.2 billion rials by the end of 2023, representing a rise of 11.6 percent compared to the previous year. 

“The divestment plan of OIA continues to achieve its national targets. In 2022 and 2023, it successfully generated revenues exceeding 1 billion rials after divesting from 12 investments, while continuing to establish an institutional approach by updating the plan and creating steering committees to ensure its effective management,” OIA said in its statement. 

The wealth fund added that the steering committees will be set up in various companies to oversee the divestment process. 

OIA also plans to roll out private placements, encouraging investment in agriculture, aquaculture, and mining to support business development. 

Launched in 2022, OIA’s divestment strategy aims to attract foreign investment, expand the Muscat Stock Exchange, and restructure capital for greater efficiency. Other goals include repaying debts, localizing new technologies, fostering partnerships with international investors, and reinvesting revenues from divested assets. 

Oman’s state energy firm OQ announced on Sept. 9 that it plans to offer a 25 percent stake in its exploration and production business through an IPO next month, subject to regulatory approvals. 

Oman’s decision to boost IPO activity comes as the Gulf Cooperation Council region experiences a surge in public offerings. 

In August, the Kuwait Financial Center, also known as Markaz, reported that the region raised $3.6 billion through 23 offerings in the first half of the year, with Saudi Arabia leading the market, raising $2.1 billion, a 141 percent increase year on year. 

Topics: Oman IPO Oman Investment Authority main initial public offerings (IPOs) oman economy

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Riyadh Air begins non-commercial flights as part of certification process

Updated 2 min 31 sec ago
Miguel Hadchity
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Riyadh Air begins non-commercial flights as part of certification process

Updated 2 min 31 sec ago
Miguel Hadchity

RIYADH: Saudi Arabia’s Riyadh Air, a subsidiary of the Public Investment Fund, will launch its first non-commercial flight from the capital’s King Khalid International Airport as part of the airline’s certification process.

According to a press release, this is a crucial step in the airline’s journey to full certification and is part of obtaining an Air Operator Certificate from the General Authority of Civil Aviation.

The inaugural flight, RX5001, is scheduled to fly from Riyadh to Jeddah’s King Abdulaziz International Airport on Sept. 12. Over the coming months, Riyadh Air is set to operate several domestic and international trips as part of its certification flying program.

In a statement, Riyadh Air expressed gratitude to its key partners, highlighting GACA for their regulatory oversight, Saudia Airlines for leasing the 787-9 aircraft, Riyadh Airports Co. for logistical support and Saudia Technic for aircraft maintenance as well as Alsalam Aerospace Industries Co. for providing hangar facilities.

“This marks another important milestone in our journey to our maiden flight in 2025,” the press release said.

Riyadh Air, scheduled to launch commercial operations in 2025, has been actively expanding its partnerships with leading global airlines.

In June, the airline signed agreements with two major carriers, Singapore Airlines and Air China, to establish strategic partnerships and expand its global network. 

The agreement focused on interline connectivity, codeshare arrangements, and potential collaboration in frequent flyer programs as well as cargo services, customer experience, and digital innovation.  

These partnerships highlight Riyadh Air’s commitment to becoming a world-leading carrier. The Saudi airline aims to connect passengers to 100 destinations globally by 2030, prioritizing sustainability and setting a new standard for travel.

As a key contributor to Vision 2030, Riyadh Air is boosting economic diversification and job creation within the Kingdom.

On the technical side, the airline signed a five-year agreement in July to use GE Aerospace’s flight operations software, equipping the new carrier with data-driven analytics to optimize fuel consumption, enhance safety measures, and fortify its sustainability initiatives.

The Fuel Insight software will help Riyadh Air position itself as a leader in sustainable aviation. The airline will also use real-time data monitoring and operations quality assurance to ensure high safety and quality standards across its advanced fleet. 

Topics: Tourism & Transport Riyadh Air Saudi aviation

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Egypt launches tax facilitation measures to boost investment

Updated 4 min 35 sec ago
Nadin Hassan 
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Egypt launches tax facilitation measures to boost investment

Updated 4 min 35 sec ago
Nadin Hassan 

RIYADH: Egypt has unveiled its “first step” in a new tax facilitation package aimed at enhancing investor relations and addressing economic challenges. 

The announcement, made by Finance Minister Ahmed Kouchouk, will see the introducution of measures designed to streamline the tax system, boost productivity, and foster growth through increased production and exports. 

This follows the earlier announcement by his predecessor in the post, Mohamed Maait, who revealed in January that the tax authority is close to completing a new draft income tax law. 

Speaking at a press conference attended by Prime Minister Mostafa Madbouly, Kouchouk highlighted that a simplified and integrated tax system will be implemented for businesses with annual revenues up to 15 million Egyptian pounds ($0.31 million), covering small and micro enterprises, startups, freelancers, and professionals. 

According to a post on the prime minister’s Facebook page, Kouchouk said: “We have started studying the challenges on the ground, and our decisions reflect our seriousness in meeting the needs of our partners in the tax community, and that we are continuing the ‘tax hearings’ and moving immediately with other packages of facilitations to stimulate the business community, with a focus on clarifying and defining the procedures and executive rules decisively so that we do not leave matters to personal estimates in the tax regions and offices; we are targeting a tangible improvement felt by the business community in the quality of tax services provided to them in the tax regions and offices.”

The minister of finance described the announcement as “the beginning of a new page” between the tax authority and the business community.

“We confirm that the partnership is rooted in trust between all parties, and that we will focus on the future, not the past, and we will provide fair and distinguished service to investors and financiers, explaining that we will focus on expanding the tax base, and ‘this ensures the interests of the state and investors and the ability to improve support and services for citizens’,” he added.

Efforts will be made to integrate informal economy projects into the formal sector using various facilitation techniques. Taxpayers can submit or amend returns for 2021 to 2023 without facing penalties. 

Topics: main Egypt Egypt economy Finance Minister Ahmed Kouchouk

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Advanced air mobility to revolutionize transport, tourism, healthcare: GACA President 

Updated 16 min 16 sec ago
REEM WALID 
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Advanced air mobility to revolutionize transport, tourism, healthcare: GACA President 

Updated 16 min 16 sec ago
REEM WALID 

RIYADH: Advanced air mobility is on track to transform the transportation, tourism, and healthcare systems in Saudi Arabia and across the world, a top aviation official has claimed.

In his speech during the International Civil Aviation Organization Advanced Air Mobility Symposium taking place in Montreal, Canada from Sept. 9 to Sept. 12, General Authority of Civil Aviation President Abdulaziz Al-Duailej explained that the Kingdom is committed to a global leadership role in AAM, according to a statement. 

In 2023, the industry’s market value reached $9.7 billion, with projections indicating a climb to $50 billion by 2032. This corresponds with over 200 cities in 57 countries planning to implement this technology, necessitating a unified global approach in regulation, technology, and investment.

“This field is vital for addressing climate change, offering low-emission alternatives that can significantly reduce carbon footprints,” Al-Duailej said.

“International collaboration is crucial for advancing this technology. It requires coordination between industries and governments to ensure safety and drive innovation. In the Kingdom, we are accelerating these technologies, as seen with the air taxi trials in NEOM and during last year’s Hajj season,” he added.

The GACA president went on to say: “Today, we’re on the brink of a remarkable future in innovation and creativity. The choices we make now will shape the world for generations.”

Topics: Tourism & Transport

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IEA cuts 2024 oil demand growth forecast on China slowdown

Updated 57 min 31 sec ago
AFP
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IEA cuts 2024 oil demand growth forecast on China slowdown

  • IEA cut its growth forecast by 70,000 bpd, or about 7.2%, to 900,000 bpd
  • It cited a slowdown in Chinese demand as main driver of weaker global demand growth
Updated 57 min 31 sec ago
AFP

PARIS: Global oil demand grew at its slowest pace since 2020 in the first half of 2024 due to China’s economic slump, the International Energy Agency said Thursday, prompting the IEA to lower its full-year forecast.
Demand increased by 800,000 barrels per day in the first six months of 2024, compared to 2.3 million bpd over the same period in 2023, the IEA said in its monthly oil market report.
“The chief driver of this downturn is a rapidly slowing China, where consumption contracted y-o-y (year-on-year) for a fourth straight month in July,” the Paris-based agency said.
China is among the world’s top consumers and importers of oil, but the world’s second-biggest economy has struggled amid weak consumer spending, a property sector crisis and high unemployment.
The IEA also cited the country’s shift away from oil in favor of alternative energy.


Rising sales of electric vehicles are reducing demand for road fuel while the development of its vast high-speed rail network is restricting growth in domestic air travel, the IEA said.
Outside of China, it added, “oil demand is tepid at best.”
For the full year, global oil demand is forecast to grow on average by 900,000 bpd, some 70,000 bpd below the IEA’s previous estimate.
This will take total demand to almost 103 million bpd.
Oil prices have weakened this year over concerns about the global economic outlook.
This week, Brent North Sea crude, the international benchmark, fell below $70 per barrel for the first time since December 2021.
The fall in prices has prompted leading members of the OPEC+ oil cartel, including Saudi Arabia and Russia, to postpone a planned output increase and instead extend voluntary supply cuts until the end of November.
The IEA said the delay gives OPEC+ “some time to further evaluate demand prospects for next year” as well as the impact of output disruptions in Libya.
But with supply from non-OPEC+ nations rising faster than overall demand, the group “may be staring at a substantial surplus, even if its extra curbs were to remain in place.”

Topics: International Energy Agency (IEA) oil demand China energy OPEC+ Oil production oil prices Oil market

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